(Eagle News) — The Philippine government has already drafted the implementing rules and regulations (IRR) for the fuel marking program which is set for implementation next year to suppress oil smuggling in the country. The Bureau of Customs, together with the Bureau of Internal Revenue (BIR), will lead the fuel marking program’s implementation. The BIR […]
WANCHAI, HONG KONG, March 2, 2018 /EINPresswire.com/ — The Philippines’ new fuel marking and monitoring system is expected to launch in the local downstream oil industry in the second half of 2018. The program is part of a sustained effort to combat rampant fuel smuggling and misdeclaration of petroleum products, estimated to be costing the […]
The Philippine Bureau of Customs (BOC) has tapped the Department of Budget and Management-Procurement Service (DBM-PS) to procure a service provider that will implement the BOC’s fuel marking program. BOC and DBM-PS signed on December 28, 2017 a memorandum of agreement (MOA) for the latter to undertake procurement activities and implement the first tranche of […]
Economic managers are set to approve the implementation of the fuel marking system as part of the first tax reform package expected to be approved by Congress and signed by President Duterte before the end of the year. The National Economic and Development Authority’s (Neda) Investment Coordination Committee-Cabinet Committee (ICC CabCom) will tackle today the […]
MANILA, Philippines — The government is set to implement a fuel marking scheme in the second half of next year to plug about P40 billion in tax leakages caused by oil smuggling, according to the Department of Finance (DOF). In an interview, Finance Undersecretary Antonette Tionko said the government is expected to finish procuring by […]
The Department of Finance (DOF) is proposing a P2-billion budget in 2018 to implement the Bureau of Customs’ (BOC) fuel marking program, one of the tax reform endeavors of the Philippine government to minimize smuggling of petroleum products and boost revenue collection. Finance Secretary Carlos Dominguez said the program, which is set for rollout next […]
THE FINANCE DEPARTMENT has set aside P2 billion for the procurement of the material needed for the fuel marking program — which is intended to generate at least P25 billion in additional revenue. Finance Secretary Carlos G. Dominguez III said that the program would be able to tightly monitor removals of petroleum products. “By spending […]
The Philippine Bureau of Customs (BOC) is asking providers of fuel marking products and services to help the agency implement its fuel marking program. In a recent announcement, BOC Port Operations Service director James Layug said BOC is now drafting policies and guidelines for the effective implementation of a fuel marking program, one of the […]
SEAOIL Philippines urged the government to enforce a fuel-marking system before imposing higher taxes on petroleum products. “Hopefully, before the government decides to implement a planned increase in excise tax, we could implement the fuel-marking system in which it is used in other countries to monitor smuggling activities,” Seaoil CEO Glenn Yu said. Fuel marking […]
Seaoil Philippines Inc., the largest independent oil firm in the country, welcomed the planned excise taxes on fuel but called for the implementation of a fuel marking system to address smuggling. “We will not have a problem with excise tax,” Seaoil chief executive Glenn Yu told reporters, saying it would be best to follow the […]